BB asks MFS cos to inform clients about charges of products

October 16, 2020 14:34:32

| Updated:

October 16, 2020 19:45:08

The Bangladesh Bank seal is pictured on the wall outside the central bank headquarters in Motijheel, the bustling commercial hub in capital Dhaka — UNB/Files

The Bangladesh Bank (BB) has asked all the mobile financial service (MFS) providers to inform the customers about type and charges of the products in details in order to ensure transparency of their services.

The central bank’s ‘Payment System Department’ issued a circular in this regard, signed by its general manager Mezbaul Haque, on Thursday.

It said the MFS companies should prepare ‘frequently asked questions’ and schedule of charges of their services, to be featured on both their websites and mobile applications.

If any MFS changes charges of its products or services, the entity must let the customers know about the change in advance, according to the circular. The circular was issued followed criticism and confusions about charges of the mobile financial services, especially after the Covid-19 hit Bangladesh in March.

The circular mentioned that the MFS platforms will have to make people and customers aware of the services they render – through radio, television and the social media platforms.

Currently, 15 banks provide MFS services in the country. The aggregate transaction through the MFS platforms stood at Tk 414 billion in August, while their daily average transaction was Tk 13.4 billion in the month, according to the central bank data.

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